Income Statement (unaudited)

		Quarter ended			% change from		Year to date

CHF million, except per share data	Note	30.9. 2003	30.6. 2003	30.9. 2002	2Q03	3Q02	30.9. 2003	30.9. 2002


Operating income
Interest income	3	10,144	10,644	10,409	(5)	(3)	30,420	31,266
Interest expense	3	(6,787)	(7,618)	(7,683)	(11)	(12)	(21,128)	(23,417)


Net interest income		3,357	3,026	2,726	11	23	9,292	7,849
Credit loss (expense) / recovery		26	24	(95)	8		(54)	(217)


Net interest income after credit loss expense		3,383	3,050	2,631	11	29	9,238	7,632


Net fee and commission income	4	4,386	4,313	4,299	2	2	12,525	13,985
Net trading income	3	642	1,333	1,027	(52)	(37)	3,236	4,906
Other income	5	79	415	43	(81)	84	375	74


Total operating income		8,490	9,111	8,000	(7)	6	25,374	26,597


Operating expenses
Personnel expenses	6	4,372	4,619	4,411	(5)	(1)	13,193	14,503
General and administrative expenses	7	1,422	1,600	1,720	(11)	(17)	4,419	5,232
Depreciation of property and equipment		321	331	352	(3)	(9)	988	1,123
Amortization of goodwill and other intangible assets		238	238	305	0	(22)	718	943


Total operating expenses		6,353	6,788	6,788	(6)	(6)	19,318	21,801


Operating profit before tax and minority interests		2,137	2,323	1,212	(8)	76	6,056	4,796


Tax expense		383	592	202	(35)	90	1,285	887


Net profit before minority interests		1,754	1,731	1,010	1	74	4,771	3,909


Minority interests		(81)	(92)	(68)	(12)	19	(245)	(273)


Net profit		1,673	1,639	942	2	78	4,526	3,636


Basic earnings per share (CHF)	8	1.52	1.44	0.79	6	92	4.00	2.98
Diluted earnings per share (CHF)	8	1.47	1.42	0.76	4	93	3.93	2.84